General Motors (GM) has released its 2022 full-year results. In 2022, the automaker noted that it led the U.S. industry in total sales and delivered the largest year-over-year increase in market share of any OEM, thanks to strong demand for its products and improved supply chain conditions.
In a letter to GM Shareholders, Mary Barra, chair and CEO for General Motors, shared its year-end results. GM’s full-year 2022 revenue was $156.7 billion, net income attributable to stockholders was $9.9 billion and EBIT-adjusted was a record $14.5 billion. Results were at the high-end of the company's revised EBIT-adjusted guidance range.
Additionally, GM noted that Chevrolet and GMC are the clear market leaders in the U.S. for pickups and full-size SUVs.
“We expect that our momentum will help us deliver strong results once again in 2023. In fact, we have all the essential ingredients to deliver EBIT-adjusted in a range of $10.5 billion to $12.5 billion thanks to our strong operating performance,” Barra said.
The company expects its core auto operations to perform at a consistently strong level in 2023, with full-year net income attributable to stockholders of $8.7 billion-$10.1 billion, EBIT-adjusted of $10.5 billion-$12.5 billion, and EPS-diluted and EPS-diluted-adjusted of $6.00-$7.00.
General Motors 2022 Truck Sales Highlights
In 2022, GM had its third-consecutive year of full-size truck leadership and ninth consecutive year of combined full-size and mid-size pickup truck leadership. As reported earlier this month in Work Truck, in terms of just Silverado sales, the company sold the following in the fourth quarter:
- 91,413 Silverado Light Duty (1500) units, up 8.3%.
- 47,462 Silverado Heavy Duty (2500 HD and 3500 HD) units, up 69%.
- 3,037 Silverado Medium Duty (4500 HD, 5500 HD, 6500 HD) units, up 5.9%.
The investments GM has made in HD manufacturing capacity and new off-road models has created growth, and according to the automaker, supports “strong pricing.”
Overall, GMC Sierra sales were down from 2021 to 2022, with year-to-date overall truck sales down 1.68% versus the prior year.
In 2023, GM is planning:
- Redesigned Chevrolet Silverado HD and GMC Sierra HD.
- New Chevrolet Colorado and GMC Canyon midsize pickups.
- Chevrolet Silverado EV WT begins production for commercial customers.
GMC was the No. 1 premium truck brand in 2022, according to GM, with 46% of retail sales in Denali or AT4 trims.
And, in 2022, the Hummer EV pickup production resumed at Factory Zero, with Hummer EV SUV to launch in 2023.